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HOW THIS IS MONEY CAN HELP

But Iresa customers have been told they must wait until Octopus Energy writes to them to give them permission to switch.

An Octopus Energy spokesman says: 'Iresa went bust because their prices were all loss-making.

Octopus's standard tariff is just about the cheapest non- loss-making tariff on the market and is classed as 'excellent value' by Ofgem.'

The energy watchdog says Iresa customers will be put on Octopus Energy's cheapest tariff and will not be charged exit fees if they decide to switch.

It warns customers that switching to a new supplier before being given the go-ahead could lead to delays or difficulties getting credit balances refunded.

QUICK MONEY SAVER: CAN YOU CUT YOUR BILLS?

Energy firms are constantly battling to pinch customers from each other.

Shrewd consumers can take advantage of this by reviewing deals every year to ensure they are on the cheapest deal. Even moving every other year will save you significant amounts.

If you are one of the millions of people who have NEVER switched (i.e. stuck with your original supplier), then you should save a big chunk of cash. A tenth of switchers saved as much as £537 in 2017, according to energyhelpline.

You only need to be interested in the tariff that is going to be cheapest where you live, so do your own postcode comparison in minutes using the tool above - or here - to find the best price.

Read more about other quick tricks to make sure you are getting the best deal on your household bills here